THE RULINGS ON CAPITAL RETURN GUARANTEES IN MUDHÂRABAH (PROFIT SHARING) CONTRACTS: A Comparative Study between The AAOIFI Sharia Standards and The DSN-MUI Fatwas
Abstract
This study aims to identify and analyze the legal constructions of capital guarantees in the AAOIFI Sharia Standards and the DSN-MUI Fatwas, also to analyze the legal provisions of both. The research method uses a qualitative method and legal comparative approach, and the nature of the research is normative juridical. The results of the research show that the rulings of the AAOIFI Sharia Standards are more reassuring and prioritize the principle of ihtiyâth (precaution). Meanwhile, the legal provision of the DSN-MUI fatwas in which the capital manager is allowed to guarantee a return on business capital, is a commitment in the form of tabarru from the fund manager and must be fulfilled since the commitment is a wa’ad mulzim (binding promise). This legal provision of the DSN-MUI Fatwas is a form of an innovative ijtihad (effort) that seems different with the opinions of the majority of scholars which are the legal basis of the AAOIFI. However, the fatwa of the DSN-MUI is supported by various arguments and is more applicative, especially when it is used as a product in Islamic financial institutions.
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References
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DOI: 10.15408/aiq.v1i1.30494
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